In a report published Thursday, Deutsche Bank analyst Yaron Kinar upgraded the rating on ING US (NYSE: VOYA) from Hold to Buy, and raised the price target from $40.00 to $43.00.

In the report, Deutsche Bank noted, “There are several catalysts for our upgrade. First and foremost $2/ps of additional DTA NPV, as the recent redomestication of VOYA's VA subsidiary allows the company to utilize the now US sub's profits against NOLs. In addition, the reduction of ING Groep's stake in the company to less than 50% improves liquidity, takes VOYA one step closer to becoming eligible to join the S&P and also adds visibility to the NPV calculation of the DTA. Finally, while higher excess capital guidance was largely expected, it does anchor expectations upwards. A $300mm buyback authorization should boost ROEs and a one-quarter valuation roll-forward also contributed to the new TP.”